NYSE says New Century to remain halted for now

SteveGelsi

NEW YORK (MarketWatch) -- The New York Stock Exchange
NYX, -0.60%
said Monday it has halted trading of New Century Financial Corp.
NEW, -3.80%
"due to the review of recent disclosures involving the company's ongoing liquidity and financing efforts." The freeze covers New Century Financial Corp. shares, as well as its 9.125% Series A Cumulative Redeemable Preferred Stock and its 9.75% Series B Cumulative Redeemable Preferred Stock. "Although the company is currently in compliance...the NYSE is not limited to these quantitative standards," the exchange said. "Rather, it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts whenever it deems such action appropriate, even though a security meets or fails to meet any enumerated criteria." The NYSE said it will continue the halt, "until such time as material information regarding its liquidity and financing efforts has been disseminated and the NYSE has been able to complete its related evaluation." Upon completion of its evaluation, the NYSE will either suspend the security from trading or resume trading. If the NYSE decides to suspend the security, it would then apply to the SEC to delist the issue.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.